REX HOSPITAL INC

EIN: 561509260 501(c)(3) Health Care

RALEIGH, NC

Total Revenue
$1,916,498,283
Total Expenses
$1,795,864,521
Total Assets
$1,975,332,606
Net Assets
$1,233,388,719
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1986
Legal Domicile
NC
Phone
9197843100
Tax Period
2024-07-01 to 2025-06-30

REX HOSPITAL INC, founded in 1986, is a large national nonprofit in the Health Care sector that reported $1.9B in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $1.8B left a modest 6% surplus.

Mission

TO IMPROVE THE HEALTH AND WELL-BEING OF NORTH CAROLINIANS AND OTHERS WHOM WE SERVE. WE ACCOMPLISH THIS BY PROVIDING LEADERSHIP AND EXCELLENCE IN THE INTERRELATED AREAS OF PATIENT CARE, EDUCATION, AND RESEARCH.

Program Service Accomplishments

Program 1
Expenses: $1,511,266,070 Revenue: $1,904,899,572

UNC HEALTH REX IS WIDELY RECOGNIZED AS ONE OF THE TOP HOSPITALS IN NORTH CAROLINA AND THE NATION. NEWSWEEK, US NEWS, BUSINESS NORTH CAROLINA AND OTHER NATIONALLY RECOGNIZED MEDIA OUTLETS ROUTINELY...

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UNC HEALTH REX IS WIDELY RECOGNIZED AS ONE OF THE TOP HOSPITALS IN NORTH CAROLINA AND THE NATION. NEWSWEEK, US NEWS, BUSINESS NORTH CAROLINA AND OTHER NATIONALLY RECOGNIZED MEDIA OUTLETS ROUTINELY INCLUDE UNC HEALTH REX ON THEIR "TOP HOSPITALS" LISTS. UNC HEALTH REX ALSO RECEIVES TOP GRADES FOR HOSPITAL SAFETY FROM THE LEAPFROG GROUP. UNC HEALTH REX WAS ALSO NAMED THE TOP HOSPITAL IN THE REGION IN WRAL VOTERS' CHOICE AWARDS FOR 2023. UNC HEALTH REX ACHIEVED A TOP FIVE-STAR RATING FOR QUALITY OF CARE FROM THE CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS). THAT PUTS UNC HEALTH REX AMONG THE TOP HOSPITALS NATIONWIDE. UNC HEALTH REX IS ONE OF ONLY A DOZEN HOSPITALS IN NORTH CAROLINA TO RECEIVE FIVE STARS FROM CMS. MORE THAN 10 YEARS AGO, UNC HEALTH REX BECAME THE FIRST HOSPITAL IN THE TRIANGLE TO BE AWARDED (SEE SCHEDULE O)

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $879,564
Program Service Revenue $1,911,399,415
Investment Income $2,051,611
Other Revenue $2,167,693
TOTAL REVENUE $1,916,498,283

Expense Breakdown

Grants Paid $9,880
Salaries & Benefits $761,509,016
Fundraising Expenses $0
Program Expenses $1,511,266,070
Other Expenses $1,034,345,625
TOTAL EXPENSES $1,795,864,521

Year-over-Year Comparison

2024 2023 Change
Revenue $1,916,498,283 $1,733,107,391 +0.1%
Expenses $1,795,864,521 $1,722,487,808 +0.0%
Net Income $120,633,762 $10,619,583 +10.4%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
13
Independent Members
10
Employees
6868
Volunteers
340

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✓ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
16
$6,883,263
Total Directors
16
$8,823,064
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Ann Collins MD Director/Chairman 4.0
Officer Director
$0 $0 $0
Catharine Arrowood Director/Vice Chairman 4.0
Officer Director
$0 $0 $0
Kirsten Riggs Director/COO 60.0
Officer Director
$753,680 $87,198 $840,878
M Chad Setliff Director/President 60.0
Officer Director
$463,771 $31,803 $495,574
A Wesley Burks MD Director 2.0
Director
$0 $820,925 $3,939,666
Caryn McNeill Director 2.0
Director
$0 $0 $0
Courtney Crowder Director 2.0
Director
$0 $0 $0
David Mills Director 2.0
Director
$0 $0 $0
Dayatra Matthews Director 2.0
Director
$0 $0 $0
Jason Sandner Director 2.0
Director
$0 $0 $0
Jeff Lindsay Director 2.0
Director
$0 $351,426 $2,935,019
Kevin Anderson Director 2.0
Director
$0 $0 $0
Marilyn Pearson MD Director 2.0
Director
$0 $0 $0
Melissa Fitzpatrick Director 2.0
Director
$0 $0 $0
Rig Patel MD Director 60.0
Director
$577,498 $34,429 $611,927
Robert Oakes Director 2.0
Director
$0 $0 $0
Benjamin Mathew VP/CFO & Treasurer 60.0
Officer
$551,975 $132,627 $684,602
Chad Anderson VP/Clinical Operations 60.0
Officer
$355,627 $81,245 $436,872
Diana Massa VP/Clinical Operations 60.0
Officer
$379,053 $54,323 $433,376
Lorie Rhine VP/Patient Care Services & CNO 60.0
Officer
$316,729 $54,164 $370,893
Maire CorCoran Ragozzine VP/General Counsel & Secretary 30.0
Officer
$0 $124,316 $476,477
Matthew Evans Asst Treasurer & Asst Secretary 60.0
Officer
$173,314 $26,849 $200,163
Meera Udayakumar MD VP/Medical Affairs & CMO 60.0
Officer
$569,963 $129,883 $699,846
Megan Lumley VP 60.0
Officer
$293,354 $37,458 $330,812
Meghan Hooley Asst Treasurer & Asst Secretary 60.0
Officer
$85,797 $15,553 $101,350
Roy Tempke VP/Care Transitions 60.0
Officer
$397,210 $92,610 $489,820
Susan Moore MD VP/UNC Rex Physicians 60.0
Officer
$792,886 $115,558 $908,444
Timothy Hester VP/Physician Services 60.0
Officer
$354,854 $59,302 $414,156
Dwijesh Patel MD Physician 60.0
Highest
$1,928,895 $39,622 $1,968,517
Joseph Bumgarner MD Physician 60.0
Highest
$2,021,781 $32,480 $2,054,261
Mateen Akhtar MD Physician 60.0
Highest
$2,043,158 $67,132 $2,110,290
Mohammed Farooqui MD Physician 60.0
Highest
$1,984,842 $12,232 $1,997,074
Waheed Akhtar MD Physician 60.0
Highest
$1,786,537 $60,801 $1,847,338
Ernest Bovio Jr Former President 0.0
$119,270 $5,300 $124,570
Tate Bombard VP/General Counsel & Secretary 0.0
$0 $128,674 $544,332
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $1,916,498,283 $1,795,864,521 $1,975,332,606 $120,633,762
2024 $1,733,107,391 $1,722,487,808 $1,830,481,772 $10,619,583
2023 $1,623,067,183 $1,623,015,427 $1,816,056,463 $51,756
2022 $1,491,892,041 $1,461,761,703 $1,799,963,409 $30,130,338
2021 $1,331,770,076 $1,328,672,174 $1,727,377,750 $3,097,902
2020 $1,237,265,028 $1,254,241,329 $1,590,769,743 $-16,976,301
2019 $1,388,381,272 $1,172,899,779 $1,268,499,027 $215,481,493
2018 $1,148,341,423 $1,108,784,467 $1,054,404,277 $39,556,956
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